BOE Varitronix Limited (0710.HK)

Industry: Hardware, Equipment & Parts Sector: Technology Currency Used: HK Live Price: $4.99

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001
Stock Price	5.76	9.03	15.30	8.01	2.66	2.46	2.49	4.70	3.67	5.61	6.28	6.94	3.18	4.17	3.00	2.21	3.48	5.30	4.27	6.20	7.53	6.83	4.59	6.23
Market Capitalization	4,549.55M	7,109.21M	11,332.17M	5,890.36M	1,951.89M	1,804.85M	1,786.58M	3,141.72M	2,163.24M	1,865.58M	2,103.76M	2,296.28M	1,031.83M	1,360.49M	968.65M	713.15M	1,123.97M	1,712.52M	1,372.32M	1,981.52M	2,358.58M	2,106.57M	1,384.76M	1,819.99M
(-) Cash & Equivalents	2,908.07M	2,956.36M	2,540.68M	1,934.02M	1,560.74M	1,396.88M	1,292.92M	976.93M	1,556.70M	752.00M	605.52M	521.05M	487.30M	372.50M	397.36M	190.36M	257.08M	272.49M	249.34M	207.92M	334.70M	274.58M	233.04M	122.86M
(+) Total Debt	523.27M	723.64M	371.08M	19.51M	13.37M	11.51M	0.00M	0.00M	17.78M	193.73M	281.48M	292.13M	288.51M	139.92M	197.89M	127.98M	180.39M	74.58M	22.57M	64.33M	64.98M	58.75M	46.45M	30.82M
Enterprise Value	2,164.74M	4,876.49M	9,162.56M	3,975.84M	404.52M	419.49M	493.67M	2,164.79M	624.31M	1,307.31M	1,779.72M	2,067.36M	833.05M	1,127.90M	769.17M	650.77M	1,047.28M	1,514.61M	1,145.55M	1,837.93M	2,088.85M	1,890.74M	1,198.18M	1,727.95M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Revenue	25,669M	20,471M	13,449M	10,760M	10,722M	7,738M	4,527M	3,574M	3,177M	2,879M	2,247M	2,488M	2,613M	2,604M	2,222M	2,131M	2,256M	1,817M	2,412M	2,618M	1,867M	1,980M	2,006M	1,275M	1,086M	1,042M
Cost of Revenue	22,405M	18,894M	11,218M	8,795M	9,841M	7,163M	4,296M	3,328M	2,209M	1,966M	1,401M	1,427M	1,585M	1,552M	1,423M	1,341M	1,454M	1,262M	1,703M	1,903M	0M	0M	0M	0M	0M	0M
Gross Profit	3,264M	1,577M	2,230M	1,966M	881M	575M	231M	246M	968M	914M	846M	1,061M	1,028M	1,052M	799M	791M	802M	556M	709M	716M	1,867M	1,980M	2,006M	1,275M	1,086M	1,042M
Gross Profit Margin	12.7%	7.7%	16.6%	18.3%	8.2%	7.4%	5.1%	6.9%	30.5%	31.7%	37.7%	42.6%	39.3%	40.4%	36.0%	37.1%	35.5%	30.6%	29.4%	27.3%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
R&D Expenses	547M	507M	284M	237M	193M	202M	181M	221M	225M	213M	133M	141M	190M	187M	0M	0M	0M	0M	0M	0M	0M	0M	0M	12M	0M	0M
SG&A Expenses	1,466M	555M	256M	154M	134M	58M	77M	58M	551M	513M	424M	463M	419M	385M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Operating Expenses	2,442M	707M	584M	1,396M	353M	285M	189M	271M	964M	915M	801M	747M	746M	744M	648M	623M	534M	527M	684M	611M	1,809M	2,170M	1,822M	1,118M	983M	978M
Operating Income (EBIT)	822M	870M	1,646M	570M	529M	289M	43M	-24M	4M	-1M	45M	314M	282M	308M	151M	167M	268M	29M	25M	105M	58M	-190M	184M	156M	102M	64M
Operating Income Margin	3.2%	4.2%	12.2%	5.3%	4.9%	3.7%	0.9%	-0.7%	0.1%	0.0%	2.0%	12.6%	10.8%	11.8%	6.8%	7.9%	11.9%	1.6%	1.0%	4.0%	3.1%	-9.6%	9.2%	12.3%	9.4%	6.1%
Interest Income	213M	115M	115M	93M	53M	25M	23M	31M	22M	22M	14M	7M	4M	6M	11M	8M	6M	0M	21M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	38M	32M	15M	29M	14M	2M	2M	1M	0M	0M	1M	3M	5M	2M	2M	2M	3M	4M	9M	3M	3M	0M	0M	0M	0M	7M
Net Interest Income	174M	83M	100M	65M	39M	23M	21M	30M	22M	22M	13M	3M	-1M	4M	8M	6M	3M	-4M	11M	-3M	-3M	0M	0M	0M	0M	-7M
Unusual Items	-60M	185M	-1,324M	-94M	91M	37M	4M	23M	0M	0M	0M	8M	1M	3M	31M	21M	-4M	3M	-9M	180M	142M	17M	60M	26M	34M	-11M
EBT Excluding Unusual Items	997M	953M	1,747M	634M	567M	312M	64M	6M	26M	20M	58M	318M	282M	312M	160M	174M	271M	25M	37M	102M	55M	-190M	184M	156M	102M	57M
Pre-Tax Income	937M	1,137M	422M	540M	658M	349M	68M	29M	26M	20M	58M	325M	282M	315M	191M	195M	267M	28M	27M	282M	197M	-173M	244M	183M	136M	46M
Pre-Tax Margin	3.7%	5.6%	3.1%	5.0%	6.1%	4.5%	1.5%	0.8%	0.8%	0.7%	2.6%	13.1%	10.8%	12.1%	8.6%	9.2%	11.8%	1.5%	1.1%	10.8%	10.5%	-8.8%	12.2%	14.3%	12.5%	4.4%
Income Tax Expense	87M	150M	21M	59M	98M	39M	1M	3M	8M	-2M	8M	25M	32M	71M	20M	27M	47M	11M	11M	27M	33M	31M	28M	14M	18M	14M
Net Income	845M	1,018M	391M	475M	582M	328M	69M	25M	17M	22M	51M	301M	250M	243M	171M	168M	210M	-268M	15M	260M	163M	-204M	193M	151M	111M	43M
Net Income Margin	3.3%	5.0%	2.9%	4.4%	5.4%	4.2%	1.5%	0.7%	0.5%	0.8%	2.2%	12.1%	9.6%	9.3%	7.7%	7.9%	9.3%	-14.8%	0.6%	9.9%	8.7%	-10.3%	9.6%	11.9%	10.3%	4.2%
Depreciation & Amortization	429M	343M	248M	205M	171M	163M	147M	137M	107M	99M	89M	103M	108M	84M	87M	95M	95M	88M	84M	84M	81M	76M	87M	86M	82M	90M
EBITDA	1,251M	1,213M	1,895M	775M	700M	453M	190M	113M	111M	98M	135M	417M	390M	392M	238M	263M	363M	116M	109M	189M	139M	-115M	271M	242M	185M	154M
EBITDA Margin	4.9%	5.9%	14.1%	7.2%	6.5%	5.8%	4.2%	3.2%	3.5%	3.4%	6.0%	16.8%	14.9%	15.0%	10.7%	12.3%	16.1%	6.4%	4.5%	7.2%	7.4%	-5.8%	13.5%	19.0%	17.0%	14.8%
NOPAT	746M	755M	1,566M	508M	450M	257M	42M	-22M	3M	-1M	39M	290M	251M	238M	136M	144M	221M	17M	15M	95M	48M	-150M	163M	144M	89M	45M
NOPAT Margin	2.9%	3.7%	11.6%	4.7%	4.2%	3.3%	0.9%	-0.6%	0.1%	-0.1%	1.8%	11.7%	9.6%	9.1%	6.1%	6.8%	9.8%	0.9%	0.6%	3.6%	2.6%	-7.6%	8.1%	11.3%	8.2%	4.3%
Owner's Earnings	492M	-269M	72M	172M	-427M	240M	160M	94M	-30M	-129M	72M	368M	287M	209M	-38M	220M	258M	-275M	-96M	196M	194M	-244M	196M	107M	94M	35M
Owner's Earnings Margin	1.9%	-1.3%	0.5%	1.6%	-4.0%	3.1%	3.5%	2.6%	-1.0%	-4.5%	3.2%	14.8%	11.0%	8.0%	-1.7%	10.3%	11.5%	-15.1%	-4.0%	7.5%	10.4%	-12.3%	9.8%	8.4%	8.7%	3.3%
EPS (Basic)	1.07	1.37	0.50	0.60	0.78	0.45	0.09	0.03	0.02	0.03	0.08	0.91	0.77	0.75	0.53	0.52	0.65	-0.83	0.05	0.81	0.54	-0.64	0.62	0.49	0.39	0.15
EPS (Diluted)	1.07	1.35	0.49	0.60	0.78	0.45	0.09	0.03	0.02	0.03	0.08	0.90	0.75	0.73	0.52	0.51	0.65	-0.83	0.05	0.80	0.51	-0.64	0.61	0.49	0.37	0.15
Shares (Basic)	791M	751M	789M	786M	743M	727M	735M	735M	735M	735M	604M	330M	327M	327M	324M	324M	323M	323M	323M	323M	323M	320M	311M	309M	303M	289M
Shares (Diluted)	791M	755M	791M	789M	749M	732M	736M	735M	735M	735M	605M	333M	335M	331M	326M	327M	323M	323M	323M	324M	323M	320M	316M	309M	303M	289M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Cash & Cash Equivalents	2,888.51M	2,700.14M	2,700.14M	3,500.76M	2,818.82M	2,267.12M	1,627.53M	1,538.33M	1,340.11M	980.40M	1,098.67M	767.39M	536.50M	555.15M	464.18M	391.48M	431.33M	380.71M	514.15M	544.99M	498.69M	415.85M	669.41M	549.16M	466.07M	368.58M
Short-Term Investments	1,914.19M	1,233.58M	1,233.58M	71.29M	61.79M	4.37M	10.86M	10.90M	14.10M	249.52M	700.02M	172.44M	227.08M	192.85M	107.58M	138.52M	232.86M	144.61M	116.76M	127.27M	164.18M	193.27M	90.59M	98.64M	84.56M	81.02M
Cash & Short-Term Investments	4,802.70M	3,933.72M	3,933.72M	3,572.05M	2,880.61M	2,271.49M	1,638.39M	1,549.23M	1,354.21M	1,229.92M	1,798.70M	939.83M	763.58M	747.99M	571.76M	530.00M	664.19M	525.33M	630.91M	672.26M	662.87M	609.11M	759.99M	647.80M	550.64M	449.60M
Net Receivables	2,600.90M	2,953.15M	2,953.15M	2,470.29M	2,076.80M	1,647.58M	1,074.94M	826.68M	737.54M	845.19M	510.88M	519.26M	603.58M	650.32M	529.09M	440.46M	472.97M	0.00M	0.00M	0.00M	0.00M	0.00M	541.27M	0.00M	0.00M	0.00M
Inventory	1,853.81M	1,778.38M	1,778.38M	1,947.10M	1,568.00M	832.62M	503.39M	533.20M	730.57M	803.15M	450.99M	473.00M	383.79M	464.29M	367.45M	335.68M	285.77M	276.56M	300.26M	545.32M	337.14M	233.64M	312.42M	237.24M	198.07M	213.24M
Other Current Assets	355.48M	425.40M	425.40M	47.55M	0.00M	50.18M	45.54M	0.00M	79.33M	845.19M	47.40M	519.26M	603.58M	650.32M	515.96M	426.90M	0.00M	2.57M	5.68M	3.59M	465.59M	2.48M	0.00M	6.01M	284.71M	253.00M
Total Current Assets	9,612.89M	9,090.65M	9,090.65M	8,036.98M	6,525.41M	4,801.86M	3,262.26M	2,909.11M	2,901.64M	3,723.45M	2,807.96M	2,451.35M	2,354.52M	2,512.92M	1,984.26M	1,733.02M	1,422.93M	804.46M	936.85M	1,221.17M	1,465.59M	845.23M	1,613.68M	891.04M	1,033.42M	915.83M
Property, Plant & Equipment	2,041.97M	2,060.39M	2,060.39M	1,759.58M	1,490.30M	583.43M	467.05M	504.22M	539.20M	500.85M	361.80M	412.61M	498.66M	566.45M	518.13M	264.72M	321.03M	359.24M	464.25M	405.30M	345.79M	369.65M	412.08M	414.66M	398.08M	393.66M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	11.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	28.34M	30.02M	31.70M	33.39M
Intangible Assets	40.30M	29.43M	29.43M	25.06M	22.17M	49.94M	4.57M	5.27M	5.90M	845.19M	510.88M	519.26M	603.58M	650.32M	0.00M	440.46M	472.97M	0.00M	0.00M	0.00M	0.00M	0.00M	27.05M	28.67M	0.00M	0.00M
Long-Term Investments	1.73M	40.19M	40.19M	41.90M	50.51M	40.61M	8.81M	10.45M	6.77M	17.51M	14.93M	62.10M	154.20M	144.13M	138.06M	172.68M	55.13M	-45.23M	183.74M	-19.89M	-90.65M	-7.94M	-30.10M	78.26M	158.46M	166.12M
Tax Assets	0.00M	59.72M	59.72M	8.84M	11.29M	0.65M	10.28M	10.28M	10.35M	10.35M	2.73M	0.73M	0.73M	0.73M	0.48M	0.24M	0.21M	2.20M	4.90M	3.98M	4.96M	8.73M	0.00M	0.00M	0.00M	-166.12M
Other Non-Current Assets	136.74M	79.92M	79.92M	101.26M	121.71M	54.03M	77.68M	66.47M	-10.35M	-518.35M	-376.73M	-474.71M	-652.85M	-710.57M	190.43M	-2.85M	-1.22M	304.57M	-2.84M	50.25M	-10.17M	193.27M	90.59M	98.64M	84.56M	247.14M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	63.41M	73.36M	36.57M	31.73M	47.23M	62.73M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,220.73M	2,269.64M	2,269.64M	1,936.65M	1,695.98M	740.16M	568.37M	596.68M	615.28M	928.89M	550.17M	551.71M	651.53M	713.77M	847.09M	875.25M	848.12M	620.78M	650.04M	439.65M	249.93M	563.70M	527.96M	650.26M	672.80M	674.18M
Total Assets	11,833.62M	11,360.29M	11,360.29M	9,973.63M	8,221.40M	5,542.02M	3,830.63M	3,505.79M	3,516.92M	4,652.34M	3,358.13M	3,003.06M	3,006.05M	3,226.68M	2,831.35M	2,608.27M	2,271.05M	1,425.23M	1,586.89M	1,660.82M	1,715.52M	1,408.93M	2,141.63M	1,541.30M	1,706.23M	1,590.01M
Accounts Payable	5,429.94M	5,367.23M	5,367.23M	3,808.18M	2,940.10M	1,651.86M	799.20M	585.21M	556.43M	571.22M	348.72M	313.34M	332.98M	452.30M	321.07M	296.08M	529.55M	519.07M	321.87M	660.15M	478.04M	241.45M	378.48M	231.44M	163.75M	0.00M
Short-Term Debt	257.93M	205.32M	205.32M	236.44M	636.29M	11.51M	9.50M	0.00M	0.00M	0.00M	8.89M	136.40M	184.36M	243.09M	188.22M	153.51M	177.84M	218.96M	197.11M	149.16M	45.14M	98.55M	98.75M	86.30M	61.71M	39.92M
Tax Payables	0.00M	23.27M	23.27M	13.93M	65.32M	17.48M	0.06M	0.52M	1.08M	0.03M	1.42M	3.86M	13.01M	51.92M	8.75M	12.91M	32.08M	1.86M	1.13M	4.31M	0.89M	23.38M	14.11M	1.49M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	181.82M	210.42M	57.16M	34.88M	23.76M	1.34M	-8.89M	-136.40M	-184.36M	-243.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	23.38M	14.11M	0.00M	0.00M	0.00M
Other Current Liabilities	1,052.64M	3,383.92M	3,383.92M	956.09M	272.20M	265.28M	161.83M	134.15M	119.67M	85.57M	75.34M	62.95M	78.72M	95.72M	116.33M	67.67M	0.00M	157.59M	236.20M	0.00M	0.00M	102.56M	6.78M	0.00M	0.00M	25.73M
Total Current Liabilities	6,740.51M	8,979.74M	8,979.74M	5,014.63M	4,095.73M	2,156.54M	1,027.74M	754.76M	700.95M	658.16M	425.48M	380.15M	424.71M	599.94M	634.37M	530.17M	739.48M	897.47M	756.31M	813.62M	524.07M	489.31M	512.23M	319.22M	225.45M	65.65M
Long-Term Debt	176.42M	170.46M	170.46M	383.50M	30.91M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.88M	44.40M	59.15M	129.30M	0.00M	0.00M	37.00M	152.67M	0.00M	0.00M	30.11M	31.20M	31.20M	31.20M	52.52M
Capital Lease Obligations	29.05M	34.91M	34.91M	22.07M	4.40M	11.04M	9.93M	3.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	2.45M	2.45M	3.47M	9.98M	13.17M	8.29M	8.18M	8.20M	8.16M	7.89M	7.66M	5.46M	5.54M	1.53M	0.16M	3.12M	2.28M	0.08M	0.20M	0.24M	1.37M	5.38M	10.50M	0.00M	0.00M
Other Non-Current Liabilities	170.52M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.12M	2.21M	3.19M	4.28M	0.00M	0.00M	0.00M	0.00M	1.42M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	376.00M	207.82M	207.82M	409.03M	45.29M	24.21M	18.23M	11.33M	8.20M	8.16M	7.89M	16.54M	49.86M	64.69M	131.95M	2.37M	6.31M	43.57M	152.75M	0.20M	0.24M	31.48M	38.00M	41.70M	31.20M	52.52M
Total Liabilities	7,116.51M	9,187.56M	9,187.56M	5,423.66M	4,141.02M	2,180.75M	1,045.96M	766.09M	709.14M	666.32M	433.37M	396.69M	474.56M	664.63M	766.32M	532.54M	745.78M	941.04M	909.06M	813.81M	524.31M	520.79M	550.23M	360.92M	256.65M	118.18M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	197.89M	197.89M	197.89M	197.89M	197.85M	184.04M	183.79M	183.79M	183.79M	183.79M	183.76M	82.78M	81.98M	81.62M	81.05M	81.04M	80.86M	80.86M	80.86M	80.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	0.00M	2,159.06M	2,159.06M	1,788.00M	1,302.27M	680.32M	439.84M	562.05M	544.38M	517.83M	514.09M	1,016.83M	873.80M	786.94M	0.00M	5.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	4,463.99M	-188.16M	-188.16M	-150.33M	-123.96M	171.64M	75.46M	-22.18M	3.07M	72.64M	6.75M	85.91M	126.43M	154.39M	-913.74M	-868.54M	0.00M	-781.11M	-832.97M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	55.23M	65.21M	65.21M	56.12M	51.08M	313.20M	57.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.24M	0.24M	0.24M	0.24M	8.50M	8.80M	14.63M	13.70M	19.62M	33.79M	55.91M	43.44M	28.38M	22.27M
Total Shareholders’ Equity	4,661.89M	2,168.80M	2,168.80M	1,835.56M	1,376.16M	1,036.00M	699.09M	723.66M	731.25M	774.27M	704.60M	1,185.52M	1,082.21M	1,022.95M	-832.69M	-781.53M	80.86M	-700.26M	-752.12M	80.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Equity	4,717.11M	2,234.01M	2,234.01M	1,891.68M	1,427.24M	1,349.20M	756.31M	723.66M	731.25M	774.27M	704.60M	1,185.52M	1,082.45M	1,023.19M	-832.45M	-781.29M	89.35M	-691.46M	-737.48M	94.55M	19.62M	33.79M	55.91M	43.44M	28.38M	22.27M
Total Liabilities & Equity	11,833.62M	11,421.57M	11,421.57M	7,315.34M	5,568.26M	3,529.94M	1,802.27M	1,489.75M	1,440.39M	1,440.59M	1,137.97M	1,582.21M	1,557.01M	1,687.82M	-66.13M	-248.75M	835.14M	249.58M	171.58M	908.37M	543.92M	554.58M	606.14M	404.36M	285.04M	140.44M
Tangible Assets	11,793.32M	11,330.86M	11,330.86M	9,948.57M	8,199.22M	5,480.59M	3,826.07M	3,500.52M	3,511.02M	3,807.15M	2,847.26M	2,483.80M	2,402.47M	2,576.37M	2,831.35M	2,167.81M	1,798.08M	1,425.23M	1,586.89M	1,660.82M	1,715.52M	1,408.93M	2,086.24M	1,482.61M	1,674.52M	1,556.63M
Tangible Equity	4,676.82M	2,204.58M	2,204.58M	1,866.61M	1,405.06M	1,287.77M	751.75M	718.39M	725.35M	-70.92M	193.73M	666.25M	478.87M	372.88M	-832.45M	-1,221.75M	-383.62M	-691.46M	-737.48M	94.55M	19.62M	33.79M	0.52M	-15.26M	-3.32M	-11.12M
Tangible Book Value	4,676.82M	2,204.58M	2,204.58M	1,866.61M	1,405.06M	1,287.77M	751.75M	718.39M	725.35M	-70.92M	193.73M	666.25M	478.87M	372.88M	-832.45M	-1,221.75M	-383.62M	-691.46M	-737.48M	94.55M	19.62M	33.79M	0.52M	-15.26M	-3.32M	-11.12M
Total Investments	885.23M	1,273.76M	1,273.76M	57.30M	112.30M	44.98M	19.66M	21.35M	20.87M	267.02M	714.96M	73.65M	222.36M	195.94M	245.64M	311.19M	287.99M	99.38M	300.50M	107.38M	73.53M	185.33M	60.49M	176.90M	243.02M	247.14M
Net Debt	-2,454.15M	-2,324.36M	-2,324.36M	-2,880.82M	-2,151.62M	-2,255.61M	-1,618.04M	-1,538.33M	-1,340.11M	-980.40M	-1,089.78M	-622.12M	-307.74M	-252.92M	-146.66M	-237.97M	-253.49M	-124.76M	-164.38M	-395.83M	-453.54M	-287.19M	-539.46M	-431.66M	-373.17M	-276.13M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Working Capital	2,859.1M	2,695.7M	2,695.7M	3,074.4M	2,484.0M	2,685.1M	2,269.8M	2,175.0M	2,162.9M	2,220.1M	2,326.2M	1,415.5M	1,141.9M	1,019.6M	833.9M	776.0M	683.5M	440.9M	657.8M	946.9M	928.2M	790.7M	1,115.6M	862.1M	786.6M	689.4M
Total Capital	5,125.3M	4,946.0M	4,946.0M	4,995.6M	4,743.7M	3,055.0M	2,729.4M	2,761.3M	2,759.0M	2,802.0M	2,740.5M	2,050.7M	2,020.6M	2,030.2M	1,866.3M	1,589.2M	1,525.9M	1,411.4M	1,754.9M	1,658.6M	1,367.6M	1,417.8M	1,681.0M	1,544.7M	1,492.8M	1,381.2M
Capital Employed	5,079.8M	4,965.3M	4,965.3M	5,011.1M	4,180.0M	3,375.1M	2,792.6M	2,771.7M	2,778.2M	2,811.8M	2,739.5M	1,922.0M	1,842.0M	1,792.9M	1,681.0M	1,438.3M	1,362.9M	1,207.6M	1,561.5M	1,523.4M	1,342.3M	1,354.4M	1,643.5M	1,512.4M	1,459.4M	1,363.6M
Invested Capital	2,236.8M	2,245.8M	2,245.8M	1,494.8M	1,924.9M	787.9M	1,101.8M	1,223.0M	1,418.9M	1,821.6M	1,641.8M	1,283.3M	1,484.1M	1,475.0M	1,402.2M	1,197.7M	1,094.6M	1,030.6M	1,240.7M	1,113.7M	868.9M	1,002.0M	1,011.6M	995.6M	1,026.7M	1,012.7M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Net Income	844.51M	1,017.66M	391.28M	540.03M	582.45M	327.80M	68.64M	25.02M	17.13M	22.11M	50.52M	300.61M	250.44M	243.15M	190.78M	168.03M	257.13M	-257.51M	27.43M	281.79M	163.34M	-204.32M	192.71M	151.24M	111.38M	43.28M
Depreciation & Amortization	235.85M	343.30M	248.37M	205.26M	171.07M	163.49M	147.26M	137.41M	106.82M	99.61M	90.03M	103.01M	107.54M	83.70M	86.53M	95.14M	95.35M	87.70M	83.89M	83.51M	80.82M	75.52M	86.88M	85.54M	82.23M	90.20M
Deferred Income Tax	0.00M	1,874.53M	0.00M	0.00M	-558.59M	-124.90M	-191.38M	-143.28M	0.00M	683.21M	-29.27M	14.19M	-106.75M	186.54M	-40.25M	-10.31M	-81.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	33.76M	37.38M	13.37M	20.39M	22.59M	14.79M	0.80M	1.56M	0.00M	0.65M	2.15M	4.79M	0.71M	1.27M	2.23M	3.69M	2.54M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	102.17M	-2,255.53M	847.61M	563.74M	-193.86M	216.87M	103.93M	133.09M	117.04M	-683.86M	27.12M	-18.98M	106.04M	-187.81M	-94.78M	-118.93M	-156.81M	-83.44M	190.57M	-78.84M	-15.96M	165.70M	-178.00M	21.91M	2.44M	170.24M
Accounts Receivable	-347.10M	-1,118.37M	-719.22M	-347.10M	-539.86M	-578.51M	-254.93M	-103.78M	46.15M	-335.62M	12.29M	71.59M	27.41M	-91.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-398.35M	-1,137.16M	135.72M	-398.35M	-818.95M	-318.21M	57.40M	187.59M	70.89M	-348.24M	14.84M	-90.57M	78.63M	-96.41M	-30.86M	-44.64M	-30.53M	-53.72M	254.80M	-208.19M	-103.50M	78.78M	-75.18M	-39.17M	15.16M	147.59M
Accounts Payable	0.00M	0.00M	1,431.11M	1,309.18M	1,164.94M	1,113.59M	301.46M	49.28M	39.88M	239.41M	34.52M	-38.44M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	847.61M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-39.88M	-478.82M	-69.03M	76.87M	0.00M	0.00M	-63.93M	-74.29M	-126.29M	-29.72M	-64.23M	129.34M	87.54M	86.93M	-102.82M	61.07M	-12.72M	22.66M
Other Non-Cash Items	2,503.88M	407.29M	-43.95M	-143.34M	788.17M	92.39M	148.53M	141.53M	-8.08M	229.55M	34.52M	-123.40M	-197.13M	222.19M	-8.49M	-29.02M	-6.63M	227.49M	70.98M	-67.72M	-20.70M	206.47M	31.53M	-30.44M	-8.57M	-35.83M
Net Cash from Operating Activities	3,720.16M	1,081.64M	1,456.69M	1,186.08M	811.83M	690.43M	277.77M	295.32M	232.92M	-331.93M	204.34M	266.03M	267.60M	362.50M	136.01M	108.60M	110.52M	-25.76M	372.87M	218.74M	207.50M	243.37M	133.13M	228.25M	187.48M	267.90M
Capital Expenditures (PPE)	-666.66M	-1,630.44M	-576.38M	-502.06M	-1,180.66M	-251.30M	-56.25M	-68.67M	-154.77M	-249.78M	-68.05M	-35.83M	-70.54M	-118.06M	-295.19M	-43.20M	-47.47M	-94.42M	-195.32M	-147.61M	-50.61M	-115.16M	-83.84M	-129.69M	-99.15M	-98.87M
Acquisitions (Net)	1.92M	2.80M	0.00M	0.00M	-278.61M	284.67M	45.81M	8.15M	0.14M	-442.64M	1.88M	0.12M	-15.85M	57.35M	0.00M	38.75M	0.00M	24.02M	-56.69M	29.69M	14.75M	11.02M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-4,847.15M	-337.75M	-1,208.12M	-15.41M	-63.43M	-44.36M	0.00M	-13.34M	-530.81M	-938.96M	-1,628.39M	-123.88M	-49.08M	-99.30M	-9.54M	-92.68M	-26.79M	-91.42M	-600.47M	-72.52M	-52.57M	-321.43M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	3,683.34M	61.03M	0.00M	61.72M	3.12M	7.75M	0.00M	0.00M	798.39M	1,381.60M	1,106.83M	344.66M	64.94M	41.95M	41.62M	28.22M	101.03M	101.06M	290.10M	2.04M	136.02M	3.96M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-507.61M	305.18M	1.73M	231.64M	33.32M	3.11M	0.00M	-1.94M	36.86M	37.15M	12.07M	14.07M	9.38M	13.19M	107.87M	48.81M	18.52M	84.34M	125.73M	24.25M	19.68M	16.88M	141.24M	77.17M	36.17M	32.05M
Net Cash from Investing Activities	-2,336.16M	-1,599.18M	-1,782.77M	-224.10M	-1,486.25M	-0.14M	-10.44M	-75.79M	149.81M	230.01M	-575.65M	199.14M	-45.30M	-162.22M	-155.23M	-20.11M	45.29M	23.59M	-436.65M	-164.15M	67.27M	-404.73M	57.40M	-52.53M	-62.97M	-66.82M
Net Debt Issuance	-354.13M	118.15M	-241.04M	-47.26M	693.68M	-11.43M	-7.27M	0.00M	0.00M	-8.89M	-142.38M	-83.11M	-68.88M	-8.67M	171.70M	-25.70M	-79.54M	-92.14M	170.12M	104.02M	-79.93M	-0.19M	26.71M	15.51M	3.17M	31.93M
Long-Term Debt Issuance	-8.07M	118.15M	-241.04M	-47.26M	693.68M	-11.43M	-7.27M	0.00M	0.00M	-8.89M	-142.38M	-83.11M	-68.88M	-8.67M	171.70M	-25.70M	-79.54M	-92.14M	170.12M	104.02M	-53.41M	-0.19M	26.71M	15.51M	3.17M	31.93M
Short-Term Debt Issuance	-346.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-26.52M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-14.75M	805.56M	-9.17M	0.33M	804.11M	-21.22M	-16.93M	0.00M	0.00M	0.69M	1,404.35M	8.03M	3.68M	5.73M	0.13M	1.85M	0.00M	0.00M	0.00M	0.00M	0.07M	10.43M	0.81M	2.75M	0.72M	0.46M
Common Stock Issuance	0.00M	805.56M	0.00M	0.33M	804.11M	1.96M	0.00M	0.00M	0.00M	0.69M	1,404.35M	8.03M	3.68M	5.73M	0.13M	1.85M	0.00M	0.00M	0.00M	0.00M	0.07M	10.43M	0.81M	2.75M	0.72M	0.46M
Common Stock Repurchased	-14.75M	-477.77M	-9.17M	0.00M	0.00M	-23.18M	-16.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-330.62M	-145.59M	-149.66M	-180.96M	-109.28M	-36.30M	-191.15M	-7.35M	-7.35M	-18.38M	-553.26M	-148.49M	-163.58M	-104.31M	-76.19M	-103.58M	-21.02M	0.00M	-122.90M	-116.43M	-114.71M	-96.17M	-76.59M	-117.08M	-27.23M	-58.05M
Common Dividends Paid	-330.62M	-145.59M	-149.66M	-180.96M	-109.28M	-36.30M	-191.15M	-7.35M	-7.35M	-18.38M	-553.26M	-148.49M	-163.58M	-104.31M	-76.19M	-103.58M	-21.02M	-6.47M	-122.90M	-116.43M	-114.71M	-96.17M	-76.59M	-117.08M	-27.23M	-58.05M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-30.36M	934.12M	-30.28M	-35.57M	-11.81M	-0.92M	-0.58M	-8.21M	0.00M	-0.05M	-1.20M	-3.47M	-4.66M	-4.53M	-5.69M	-1.75M	-3.36M	-4.23M	-9.28M	-3.42M	-4.96M	-3.78M	-9.30M	-5.04M	-4.08M	-6.28M
Net Cash from Financing Activities	-729.86M	1,447.45M	-430.15M	-263.47M	1,376.70M	-69.87M	-215.93M	-15.56M	-7.35M	-26.63M	707.52M	-227.05M	-233.45M	-111.78M	89.94M	-129.17M	-103.92M	-102.84M	37.95M	-15.84M	-199.52M	-89.71M	-58.36M	-103.86M	-27.42M	-31.94M
Effect of FX on Cash	124.44M	-174.77M	-44.38M	-16.57M	-150.57M	19.16M	37.79M	-5.75M	-15.68M	10.28M	-4.93M	-7.22M	-7.50M	2.48M	1.98M	0.83M	-1.27M	1.84M	-5.00M	7.54M	7.59M	-2.49M	2.34M	2.14M	3.11M	-0.76M
Net Change in Cash	778.57M	755.15M	-800.62M	681.94M	551.71M	639.59M	89.20M	198.22M	359.71M	-118.27M	331.28M	230.89M	-18.65M	90.97M	72.70M	-39.85M	50.62M	-103.17M	-30.83M	46.30M	82.84M	-253.55M	134.51M	74.01M	100.20M	168.37M
Cash at Beginning of Period	11,834.54M	8,949.41M	3,500.76M	2,818.82M	2,267.12M	1,627.53M	1,538.33M	1,340.11M	980.40M	1,098.67M	767.39M	536.50M	555.15M	464.18M	391.48M	431.33M	380.71M	483.88M	544.99M	498.69M	415.85M	669.39M	534.88M	460.88M	360.67M	192.30M
Cash at End of Period	12,654.75M	9,704.55M	2,700.14M	3,500.76M	2,818.82M	2,267.12M	1,627.53M	1,538.33M	1,340.11M	980.40M	1,098.67M	767.39M	536.50M	555.15M	464.18M	391.48M	431.33M	380.71M	514.15M	544.99M	498.69M	415.85M	669.39M	534.88M	460.88M	360.67M
Operating Cash Flow	3,686.14M	1,081.64M	1,456.69M	1,186.08M	811.83M	690.43M	277.77M	295.32M	232.92M	-331.93M	204.34M	266.03M	267.60M	362.50M	136.01M	108.60M	110.52M	-25.76M	372.87M	218.74M	207.50M	243.37M	133.13M	228.25M	187.48M	267.90M
Capital Expenditure	-781.00M	-1,630.44M	-567.72M	-508.18M	-1,180.66M	-251.30M	-56.25M	-68.67M	-154.77M	-249.78M	-68.05M	-35.83M	-70.54M	-118.06M	-295.19M	-43.20M	-47.47M	-94.42M	-195.32M	-147.61M	-50.61M	-115.16M	-83.84M	-129.69M	-99.15M	-98.87M
Free Cash Flow	2,905.14M	-548.80M	888.97M	677.89M	-368.83M	439.13M	221.52M	226.65M	78.15M	-581.71M	136.29M	230.20M	197.06M	244.43M	-159.18M	65.40M	63.05M	-120.18M	177.55M	71.13M	156.90M	128.21M	49.29M	98.56M	88.34M	169.03M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
EBITDA	1,680.19M	857.41M	1,938.45M	1,780.49M	725.80M	477.31M	120.60M	105.64M	298.97M	286.76M	378.35M	560.24M	526.56M	563.24M	885.68M	885.95M	897.25M	643.31M	793.15M	799.20M	1,947.89M	2,055.32M	2,093.22M	1,348.62M	1,167.79M	1,132.21M
(-) Tax Adjustment	155.83M	112.96M	94.17M	194.36M	108.17M	53.26M	1.91M	12.17M	98.54M	0.00M	49.05M	43.04M	59.28M	127.85M	92.57M	122.72M	157.85M	225.16M	277.60M	77.46M	330.34M	0.00M	241.16M	106.60M	151.96M	336.74M
(-) Change In Working Capital	102.17M	-2,255.53M	847.61M	563.74M	-193.86M	216.87M	103.93M	133.09M	117.04M	-683.86M	27.12M	-18.98M	106.04M	-187.81M	-94.78M	-118.93M	-156.81M	-83.44M	190.57M	-78.84M	-15.96M	165.70M	-178.00M	21.91M	2.44M	170.24M
(-) Capital Expenditure	-781.00M	-1,630.44M	-567.72M	-508.18M	-1,180.66M	-251.30M	-56.25M	-68.67M	-154.77M	-249.78M	-68.05M	-35.83M	-70.54M	-118.06M	-295.19M	-43.20M	-47.47M	-94.42M	-195.32M	-147.61M	-50.61M	-115.16M	-83.84M	-129.69M	-99.15M	-98.87M
Unlevered Free Cash Flow	641.19M	1,369.53M	428.95M	514.21M	-369.17M	-44.12M	-41.49M	-108.29M	-71.38M	720.84M	234.12M	500.35M	290.70M	505.13M	592.70M	838.95M	848.74M	407.17M	129.65M	652.97M	1,582.91M	1,774.46M	1,946.21M	1,090.42M	914.24M	526.35M
(-) Net Interest Income After Taxes	158.20M	71.90M	95.22M	57.61M	33.02M	20.48M	20.88M	26.62M	14.55M	21.63M	11.08M	3.18M	-0.71M	2.71M	7.60M	5.33M	2.58M	-2.28M	7.42M	-3.09M	-2.74M	0.00M	0.00M	0.00M	0.00M	-4.85M
Net Debt Issuance	-354.13M	118.15M	-241.04M	-47.26M	693.68M	-11.43M	-7.27M	0.00M	0.00M	-8.89M	-142.38M	-83.11M	-68.88M	-8.67M	171.70M	-25.70M	-79.54M	-92.14M	170.12M	104.02M	-79.93M	-0.19M	26.71M	15.51M	3.17M	31.93M
Levered Free Cash Flow	128.85M	1,415.78M	92.69M	409.33M	291.49M	-76.02M	-69.64M	-134.91M	-85.93M	690.32M	80.66M	414.06M	222.54M	493.76M	756.79M	807.93M	766.62M	317.31M	292.36M	760.08M	1,505.72M	1,774.27M	1,972.93M	1,105.93M	917.41M	563.13M